Joe Owns a Restaurant

question 63

Multiple Choice

Joe owns a restaurant. Many of the restaurants that he competes with recently closed, shifting his perceived demand curve. The following 2 tables show his old and new perceived demand curves.


Assume that Joe can only choose from the quantities of output given in the table. By how much does the price that he charges change after the restaurants leave the market?

• A) increase by 3
• B) decrease by 3
• C) increase by 4
• D) decrease by 4

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Definitions:

Indirect Quotation

The conveyance of someone's words or expressions without quoting them directly, often paraphrased.

Summary

An abbreviated representation of content, highlighting its key aspects.

Direct Quotation

The exact repetition of someone's written or spoken words, typically enclosed in quotation marks to denote precise citation.

Plagiarism

The act of using someone else's work or ideas without proper attribution, presenting them as one's own.